Republic Services Inc

Republic Services delivered a stronger-than-expected earnings performance in Q3 2025, with adjusted EPS of $1.90 clearing the $1.78 consensus estimate by 6.48%, even as revenue of $4.21 billion came in just shy of the $4.25 billion Wall Street had anticipated — a 0.91% miss despite growing 3.3% year-over-year. The defining storyline of the quarter was the company's ability to protect profitability through pricing discipline — core price on related business revenue rose 7.2% — even as $56 million in labor disruption costs from isolated work stoppages weighed heavily on reported results, pushing reported EPS down to $1.76 from $1.80 a year ago. Adjusted EBITDA margin expanded 80 basis points to 32.8%, underscoring that the underlying business continues to price ahead of cost inflation. Volume headwinds persisted, with large-container collection volumes declining 3.9% and total volumes slipping 0.3%. Looking ahead, management guided revenue toward the low end of its full-year 2025 range while reiterating all other financial targets, signaling confidence in margins and cash flow even as top-line momentum remains measured. RBC Capital maintained its Buy rating with a $265 price target following the report.